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Walker & Dunlop arranges $65M financing for $108M sale of multifamily project

Walker & Dunlop arranges $65M financing for $108M sale of multifamily project

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Bethesda-based commercial real estate finance company Walker & Dunlop Inc. structured $65.2 million in financing for The Hermitage Apartment Homes, a newly-developed, 348-unit, Class A apartment community in the heart of downtown St. Petersburg, Florida.

walker-and-dunlop-logo-newAlison Williams and Matt Baldwin, both Tampa-based members of Walker & Dunlop’s Capital Markets team, completed the debt transaction on behalf of the client, Brass Enterprises. Drawing on their extensive experience in financing multifamily properties, the team identified Freddie Mac as the ideal lender for the acquisition and structured the seven-year loan with an attractive interest rate and full-term interest-only payments.

Prior to the debt transaction, the property was marketed and sold for $107.625 million by Brian Moulder and Chris Chadbourne of Walker & Dunlop Investment Sales, who represented the seller.